TESORO GOLD LTD — Net Asset Value 2009

Nov 18, 2009

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED

DATE: 19 NOVEMBER 2009

NO. OF PAGES: 1

17 November 2009 Estimated Net Tangible Assets (NTA)

We hereby provide notification of van Eyk Three Pillars Limited’s estimated net tangible asset backing per ordinary share as at 17 November 2009 .

	17 November 2009	17 November 2009
	Cents	Discount2
Gross Tangible Asset backing1	99	5.1%
Deferred tax asset on realised tax losses	6
NTA after tax on realised income/gains and/or losses	105	10.5%
Deferred tax asset / (liability) on unrealised positions	(3)
NTA after tax on unrealised gains and/or losses	102	7.8%

1. Gross Tangible Asset Backing:

2. includes investments at current market value less associated selling costs

3. is before Deferred Tax Asset on realised tax losses

4. is before any Deferred Tax on unrealised investment gains/losses

5. Based on 17 November 2009 closing share price of 94 cents

The Net Tangible Assets quoted above are estimates and are based on unaudited financial accounts.

Brian McGarry Company Secretary

van Eyk Three Pillars Limited ABN 91 106 854 175 Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194 www.vaneyk.com.au www.threepillars.vaneyk.com.au